"Nitesh Estates has entered the Pune market by acquiring one million square feet Koregaon Park Plaza Centre shopping mall for Rs 250 crore," according to a statement issued here.

With the acquisition of the mall, which is spread across six acres, the company's shopping mall portfolio has increased to 2.2 million square feet, it added. Nitesh Estates is currently developing a 1.2 million square feet shopping mall in Bengaluru.

"Over the years, Pune has emerged as an important real estate market. Koregaon Park shopping mall is undergoing a refurbishment and will soon sport a new food court in addition to fine dining restaurants.

"The changes will take place while the mall remains operational," company's Executive Director and Chief Operating Officer Ashwini Kumar said.

This shopping mall can accommodate 130 retail stores, an extensive food court and can house around 1,000 cars in the parking space, the statement said.

Nitesh Estates currently has 20 million square feet under development in cities like Bengaluru, Chennai, Goa and Kochi. The company also owns India's first 277-rooms luxury five star Ritz Carlton Hotel in Bengaluru.